{"id":14472,"date":"2023-09-20T17:10:42","date_gmt":"2023-09-20T17:10:42","guid":{"rendered":"https:\/\/prosfunds.com\/markets\/crypto\/coinex-to-resume-withdrawals-of-certain-cryptos-following-security-breach\/"},"modified":"2023-09-20T17:10:42","modified_gmt":"2023-09-20T17:10:42","slug":"coinex-to-resume-withdrawals-of-certain-cryptos-following-security-breach","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=14472","title":{"rendered":"CoinEx to Resume Withdrawals of Certain Cryptos Following Security Breach"},"content":{"rendered":"
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Cryptocurrency exchange CoinEx, that fell victim to a hack last week, is set to start its deposit and withdrawal services for major cryptocurrencies including Bitcoin (BTC), Ether (ETH), Tether (USDT) and USD Coin (USDC), from September 21.<\/p>\n

Per an official update on Wednesday, CoinEx said that it is working to complete the reconstruction and deployment of the wallet system, along with resuming withdrawals.<\/p>\n

Furthermore, the exchange is upgrading the deposit addresses for all users. CoinEX warned users of losing tokens if deposited in the old addresses.<\/p>\n

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\u201cPlease DO NOT use any old deposit addresses you may have saved – The old addresses will NO LONGER work and assets sent to them will be permanently lost.\u201d<\/p>\n<\/blockquote>\n

The exchange temporarily suspended<\/a> deposit & withdrawal services on September 13, for \u201cadded security\u201d and said that it would resume only after a \u201cthorough review.\u201d<\/p>\n

It further asked users to be patient as there may be a \u201clarge number of pending withdrawals\u201d which might take longer than usual to process all withdrawal requests.<\/p>\n

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\u201cWe ensure the new wallet system is stable, and we will gradually resume deposit and withdrawal services for more assets.\u201d<\/p>\n<\/blockquote>\n

CoinEX promised users that post this upgrade, the company will work to improve security construction, risk systems, and invest more in the security field.<\/p>\n

The Hack That Wiped Millions<\/h2>\n

CoinEx experienced a security breach on September 12, draining a substantial amount from its four hot wallets. The attackers reportedly drained around $53 million in assets, causing the exchange to halt its withdrawals.<\/p>\n

Following the attack, the hackers were identified as the infamous North Korean-sponsored Lazarus Group. The firm, on September 15, stated in an open letter that the incident had taught a lesson and made it more responsible to ensure robust security.<\/p>\n

Besides, CoinEx offered the attackers to negotiate with the exchange after suffering the breach. Later reports revealed that around $70 million was stolen from the platform — higher than the reported amount.<\/p>\n

The exchange mentioned that the amount stolen represents only a small portion of its total assets.<\/p>\n

\u201cWe have been committed to and implemented 100% reserves to safeguard user asset security,\u201d the exchange said in the latest update.<\/p>\n<\/p><\/div>\n